Shipware, leading parcel & LTL spend management solution providers, announced this week the launch of its proprietary machine-learning software, Krystal AI. Krystal AI will improve operations and optimize carrier pricing by equipping customers with unique insights and customized data points generated by a combination of the industry’s most robust database and over 200 combined years of insider carrier pricing knowledge.
Shipware’s proprietary technology audits weekly carrier invoices to recover refunds on all billing errors, ensuring proactive compliance of contract rates and terms, as well as on-time service performance. Shipware’s cloud-based reporting platform delivers powerful analytics for greater spend management visibility empowering clients to make intelligent cost-saving transportation decisions.
“Krystal AI is the tech born from the merging of our industry-leading carrier pricing knowledge with the results from thousands of successfully negotiated FedEx, UPS and LTL contracts for our customers,” said Trevor Outman, co-founder and president of Shipware.
“Simply put, Krystal AI is Shipware’s secret sauce. It’s our backend engine that drives results unmatched by anyone in the industry.”
Krystal AI provides Shipware’s customers with the insights necessary to proactively reduce their distribution costs by providing a state-of-the-art user interface with cloud-based technology to display shipping data in the form of dynamic, interactive charts.
The software includes an array of additional features, such as: predictive analytics, thousands of best-in-class carrier contracts, database exceeding $2 billion shipping spend, insider carrier pricing knowledge, carrier contract and rate benchmarks, cost-savings analytics, proprietary invoice audits, as well as carrier and contract compliance.
“The ugly truth is that 99 percent of shipping invoices contain errors, causing businesses to overpay their carriers,” said Rob Martinez, co-founder and CEO of Shipware. “With Shipware, thanks to Krystal AI, our customers gain a better perspective and make additional cost-saving decisions that greatly impact their bottom line with no disruption to their workflow.”
FreightWaves reached out to Martinez to ask a little more about some of the features. What exactly does the “insider carrier pricing knowledge” mean?
“Krystal AI is the culmination of tens of thousands of data points and hundreds of years of carrier pricing expertise,” Martinez says. “Shippers often tell us their biggest handicap in negotiating parcel and LTL agreements is their inability to know how good–or-bad what their baseline contracts are. Imagine a powerful tool that uses artificial intelligence and machine learning to quickly identify pricing improvement opportunities and strategies. These are not high-water marks to strive for, but actual results based on advanced logic, shipping characteristics, likelihood estimation, benchmarking, market and other critical pricing factors.”
“Also, Krystal AI dynamically rates actual shipping data given theoretical inputs–like a specific improvement in a series of accessorial charges, or an improved dimensional divisor, lower minimum charge, rate cap to GRI’s, etc.,” says Martinez. “Moreover, the tool provides insight to modal optimization opportunities by dynamically selecting shipments at varying services levels, weights and zones/lanes and rerouting those shipments with alternative carriers for reduction in time-in-transit as well as cost.”
How can they promise a consistent 10-30 percent in savings?
“Krystal AI was designed for those organizations seeking to proactively reduce transportation costs while promoting faster delivery times. Krystal AI takes pricing negotiations to the next level through facts-based procurement and optimization processes with dynamic modeling analytics. Apart from upfront cost reduction through contract optimization, users will experience ongoing savings over time by identifying routing and compliance errors, modal optimization opportunities, key performance indicators, and new contract improvement points,” says Martinez.
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